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Couple of Questions flaoting round my head!

Hi All

Just running things through my mind , nothing urgent or owt , you know how it is , when things dont quite make sense and good people like you guys on here help clear the woods for the trees etc!

I have a query , when you get probate on an estate , and that estate is a house , and the will states two trustees and executors (the same people) and it states all possesions ni the house to one person (also a trustee and executor) worth next to nothing other than sentimental , mind you..and 5 kids with 2k each to be paid into trust funds until they are 18 (which cant happen till the house is sold)

THEN , you sell the house to someone , AT THAT POINT i get confused , i realise i will need to appoint a solicitor , tell them the score so far , I.E sale price , purchasers solicitor details etc , what does my solicitor do for me , will he take the money , remove his fees and pay me the balance ?

Or does he start taking on the role of executor and pay the kids trust funds and funeral bill etc ?

I though as executor i would receive all sale monies after his fee`s taken off , THEN i can do what the will says myself , is this right , wrong or am i muddled somehow ?

As a side note , our buyer ( a family friend willing to pay going rate , see other thread) says maybe as we are now `in a chain` (we will have to move ourselves as we live in the house currently) we should isntruct the SAME solicitor of our plans to buy......but to me , this muddies the waters , i would rather receive the proceeds to the house THEN instruct the solicior , as a buyer..

does this make sense to anyone?

Thanks as ever
Never, under any circumstances, take a sleeping pill and a laxative on the same night.

Comments

  • RAS
    RAS Posts: 34,446 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    The solicitor will pay the executors less his fees. You can ask him/her to pay the EAs fees as well.

    The executors are responsible for sorting out the trust funds etc and clearing the possessions etc.

    If you are buying a house using the proceeds from the sale (rahter than moving into rental and then buying), it will be cheaper and a lot easier to use the same solicitor for the sale and purchase, not least as they can orchestrate the elements of the chain more easily when they have both contracts.

    However the estate will pay the fees for the sale and you as an individual beneficiary will pay the purchase fees.
    If you've have not made a mistake, you've made nothing
  • Dan-Dan
    Dan-Dan Posts: 5,272 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Hi RAS (again!)
    Thank you for that post , so , if we find a house on the strength of our agreement with our buyer , and instruct a solicitor when they are ready to move , the solicitor i instruct would pay the executor(s) the balance after his fee from the house sale, for the executors to sort out as required , i.e pay the disbursments accrued so far etc..then he would charge me his fee , based on our house purchase

    so in effect , TWO seperate agreements?
    Never, under any circumstances, take a sleeping pill and a laxative on the same night.
  • Dan-Dan
    Dan-Dan Posts: 5,272 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    also , i should say , the second executor has renounced , to help things along , so the solicitors would deal with just the one of us at all times
    Never, under any circumstances, take a sleeping pill and a laxative on the same night.
  • RAS
    RAS Posts: 34,446 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Dan-Dan wrote: »
    Hi RAS (again!)
    Thank you for that post , so , if we find a house on the strength of our agreement with our buyer , and instruct a solicitor when they are ready to move , the solicitor i instruct would pay the executor(s) the balance after his fee from the house sale, for the executors to sort out as required , i.e pay the disbursments accrued so far etc..then he would charge me his fee , based on our house purchase

    so in effect , TWO seperate agreements?

    yes

    You need to make sure that you have identified all the debts of the estate (advertised in the Gazette) etc.

    I would suggest that you make an interim payment to the main beneficiaries (the sale price less known debts less the 10K less an agreed sum, then divided by two). That would be your maximum deposit. Once you have set up the trust funds and sorted out any remining debts, then distribute the remainder with the accounts.
    You could ask him to
    If you've have not made a mistake, you've made nothing
  • Dan-Dan
    Dan-Dan Posts: 5,272 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Hi RAS , looks like you stopped typing halfway through....all ok ?!

    For what you said so far , thank you , i agree . though i am 110% certain she didnt owe anyone , we sorted out her finances totally for at least the last 9 years......
    Never, under any circumstances, take a sleeping pill and a laxative on the same night.
  • madbadrob
    madbadrob Posts: 1,284 Forumite
    Eighth Anniversary Combo Breaker
    Dan you have to post in the London Gazette a request for anyone who may have a debt against the estate to come forward and then wait 8 weeks. Once this is done and passed no one can come to you in the future and make a claim against the executors. Solicitors are known to wait 6 months for this to occur.

    Rob
  • Dan-Dan
    Dan-Dan Posts: 5,272 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Hi Rob

    i cannot find this in any government or otherwise `steps to take` is it 100% got to , or `recommended` , as i know for sure she owes no one

    have you got any links ?
    Never, under any circumstances, take a sleeping pill and a laxative on the same night.
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    recomended, if you are sure there are no debts then it is not neccessary.

    The thing is that it only stops the claim against the executor not the estate.

    So as both benifiticiaries are the executors(well not quite because sis renounced) then the claim can still be made against you as benificiaries to return monies into the estate to pay any debts.
  • Dan-Dan
    Dan-Dan Posts: 5,272 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    I understand , we have been running her affairs for more than 10 years , i am utterly certain she owes nobody anything , we have basically been in charge of her mail , bank account , bills , anything you can think of , since at least 2002 and before that we were still aware of that was happening and when etc

    she didnt leave the house from 2005 onwards and never used the net , and we always helped her with the phone etc..
    Never, under any circumstances, take a sleeping pill and a laxative on the same night.
  • Dan-Dan wrote: »
    I understand , we have been running her affairs for more than 10 years , i am utterly certain she owes nobody anything , we have basically been in charge of her mail , bank account , bills , anything you can think of , since at least 2002 and before that we were still aware of that was happening and when etc

    she didnt leave the house from 2005 onwards and never used the net , and we always helped her with the phone etc..

    Ditto for me Dandan, so I have not done the notices part of being an executor. As it is, we are 18 months down the line and still have not completed the estate wind up due to outstanding issues, and nothing has appeared that I have not expected. A slightly easier issue if you have been involved for a long time - if you walked in cold to the task of sorting out an unknown estate it could be a lot different.
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